Two years after paying $750 million to purchase the landmark Television City campus in the Fairfax neighborhood, Hackman Capital Partners has announced plans to modernize and expand on the 25-acre studio complex.
“Television City is one of the great Hollywood studio lots. We are committed to ensuring it remains a robust job creator and world-class studio for decades to come," said Hackman Capital Partners founder and chief executive officer Michael Hackman in a news release. “Los Angeles lacks the modern sound stages and production facilities to meet market demand, putting our region at risk of seeing the entertainment industry leave the state if we fail to invest in its future.”
The proposed master plan, branded TVC 2050, calls for investing approximately $1.25 billion to redevelop parking lots on the perimeter of the complex with more than 1.1 million square feet of new offices and production facilities, more than doubling the existing 750,000 square feet of space at Television City. In addition to at least 15 new sound stages, the master plan also calls for the construction of a new mobility hub, above- and below-ground parking, the implementation of a a transportation demand management program, and public realm improvements along the exterior of the campus.
Television City's existing 1950s buildings, which were designated as a Los Angeles Historic-Cultural Monument in 2018, are slated for preservation under the TVC 2050 plan.
“Architect William Pereira’s original plan for the studio focused on flexibility and adaptability, calling for the eventual relocation, adaptation, and development of 24 stages and 2.5 million square feet of production space, including several multi‐story office buildings,” said Bob Hale of RIOS, the architecture firm behind the master plan. “TVC 2050 realizes Pereira’s futuristic vision, allowing the studio to accommodate evolving technologies, sustainable infrastructure, and enhanced community and production experiences.”
Plans to revamp the Television City complex come at a time when the rise of streaming services have bolstered demand for Los Angeles-area studio and office space, even as the office market in other regions have been hampered by the global pandemic. Other real estate investment firms such as Hudson Pacific Properties and Kilroy Realty have invested in similar projects in Hollywood, attracting tenants such as Viacom and Netflix. Likewise, Hackman Capital's $620-million revamp of the Culver Studios campus in Culver City is poised to become the new home of Amazon Studios.
A study conducted by the Los Angeles Economic Development Corporation estimates that construction of the TVC 2050 plan would generate $2.1 billion in economic output during construction, sustaining 4,220 temporary jobs. The finished product could result in $2.4 billion in annual economic activity, as well as 18,760 new jobs.
Plans for Television City come on the heels of a recent spending spree by Hackman Capital, which announced the acquisition of both Hollywood’s Raleigh Studios and Culver City's Sony Pictures Animation Campus earlier this year.
The TVC 2050 master plan would follow several other large projects in the Mid-Wilshire, Fairfax, and Beverly Grove neighborhoods, including a proposed housing development on block south at 3rd Street and Fairfax, and the nearly-finished Academy Museum of Motion Pictures at Wilshire Boulevard.
For more information, visit the TVC 2050 website.
- Fairfax (Urbanize LA)